Market Share of United States Digital Lending Industry
The United States digital lending market is expected to be semi-consolidated, observing an increase in the number of investments and M&A activities by various global enterprises to gain access to the market. Vendors are increasingly spending on gaining a consumer base by offering numerous benefits. In addition, such investments are a strong part of their competitive strategy. Access to the distribution channel, already present business relations, better supply chain knowledge, and the self-owned platform give the established tech giants entering the market an advantage over the new competitors.
In October 2023, Blend Labs, a United States-based software company, and MeridianLink Inc., a software provider for financial institutions and consumer reporting agencies, announced a partnership. Blend stated that lenders utilizing MeridianLink Consumer loan origination software (LOS) can use Blend's unified platform and consumer banking origination software for a quick onboarding and application procedure for banking, credit card, and loan products.
In September 2023, the digital lending platform Revvin, formerly MortgageHippo, was announced to be acquired by Maxwell, a mortgage fintech sponsored by Wells Fargo, to improve its point-of-sale technology. The company focuses on Revvin's faster loan origination process, which Maxwell thinks would benefit lenders as the mortgage market continues to be challenged by rising interest rates, limited loan volume, and increasing lending expenses.
United States Digital Lending Market Leaders
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LendingtreeInc.
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CAN Capital Inc.
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Kiva Microfunds
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Upstart Network Inc.
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On Deck Capital Inc.
*Disclaimer: Major Players sorted in no particular order
